Sinosoft Technology Announces Annual Results 2014

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Monday, 23 March 2015, 20:10 HKT/SGT

Net profit after tax increased by 33.3% to RMB 134.5 million;
Revenue climbed 23.9% to RMB 347.8 million

HONG KONG, Mar 23, 2015 - (ACN Newswire) - Sinosoft Technology Group Limited ("Sinosoft Technology" or the "Group", HKEx: 1297 ) is pleased to announce the annual results of the Group for the year ended 31 December 2014.

Abstract

- Revenue reached RMB 347.8 million, representing an increase of 23.9% year-on-year
- Net profit after tax reached RMB 134.5 million, representing an increase of 33.3% year-on-year
- Net profit margin increased to 38.7% from 35.9% in 2013
- Basic earnings per share was RMB 13.03 cents (2013: RMB 11.42 cents)
- The Board has recommended the payment of a final dividend of RMB 1.95 cents per share (2013: RMB 1.50 cents)

Benefited from the central government's constantly increasing investment in information technology and the intense attention in energy saving and emission reduction, the Group has achieved solid results during 2014. Revenue of the Group's core business segments, namely export tax software and related services, carbon management solutions and e-Government solutions recorded vigorous growth, contributing to the year-on-year growth of 23.9% in overall revenue to RMB 347.8 million for the year ended 31 December 2014. Net profit after tax recorded RMB 134.5 million, representing a 33.3% increase year-on-year. With increasing operating efficiency, net profit margin increased from 35.9% in 2013 to 38.7% in 2014. Basic earnings per share was RMB 13.03 cents. The Board has recommended the payment of a final dividend of RMB 1.95 cents per share for the year ended 31 December 2014.

Export Tax Software and Related Services

For the year ended 31 December 2014, with resilient demand across export tax software products, consultation services and training courses, revenue of export tax software and related services reached RMB 91.1 million, representing a 34.4% growth as compared to the same period in 2013. The Group has launched new software products which are featured with smart invoicing and self-risk assessment during 2014, contributing to the growth in export tax software sales. In addition to selling export tax software in Jiangsu province, the Group has successfully marketed its export tax products to Shanghai at the end of 2014. The Group is also actively paving the way for sales in other provinces, which is expected to bring new momentum for our future growth.

With the expertise and experience in export tax industry accumulated over a decade, the Group continues to provide in-depth and comprehensive consultation services. Export enterprises dependence on the Group's services has been increasing continuously and thereby driving the growth in revenue of service fee.

After the reporting period, the Group announced the new unsecured credit loan services to small and mid-cap enterprises jointly launched by the Group and Ant Financial Group Services ("Ant Financial"). The debut of financial services will assist the Group to provide even more value-added services to its customers, broaden its income sources and further enhance its market position.

Carbon Management Solutions

With central government's strong determination in implementing energy saving and emission reduction, local governments and enterprises have been intensifying related efforts, helping to drive the Group's revenue from carbon management solutions for the year ended 31 December 2014 increased by 93.7% to RMB 66.5 million when compared with last year. During the reporting period, the Group launched the ecology cloud platform with features of combining figures of energy and environment. This helps local governments in comprehensively analyzing various environmental problems, in order to set relevant policies in a clear and objective manner.

The Group's carbon management solutions received various international and domestic recognitions during the year and established a leading position in the industry. In July 2014, the Group entered into a cooperative framework agreement with CECEP Consulting Co., Ltd. to jointly develop consultation services and information products for low carbon and environmental protection. The cooperation is expected to further enhance the Group's competencies in these relevant areas.

e-Government Solutions

Benefited from government's increasing information spending, for the year ended 31 December 2014, revenue generated from e-Government solutions was RMB 149.0 million, representing an increase of 21.6% on a year on year basis. During the reporting period, different cloud platform products have been sold to other provincial and city governments. In addition, demand for upgrade in previous developed e-Government products also contributed to the growth of sales.

Outlook

Looking forward, as China is entering into a new stage of steady growth and structural optimization, emerging industries such as information technology and energy conservation and environmental protection will be nurtured as dominant industries. The "Internet+" action plan set by the government promotes the application of cloud computing and big data etc. and facilitates e-commerce, together with the clear goal of energy saving and emission reduction set by the government, will translate into increasing demand for the application of information technology and energy saving and emission reduction of governments, enterprises and the whole society.

With regard to export tax software and related services, the Group will seize the opportunities under the government policies of enhancing export tax rebate system. The Group will provide more software products and services which can facilitate export enterprises, and expand geographical markets proactively. The Group will also strive to provide more financial services to its customers on top of the foundation laid in the unsecured loan jointly launched with Ant Financial. The Group will continues its effort in development and promotion of carbon management solutions for urban districts, industries and enterprises in light of the opportunities under policies of energy saving and emission reduction and ecological construction. Regarding e-Government solutions, the Group will continue to capture the market created by increasing government information spending. Combined with technological advantages and years of experience in the areas of government decision making and management application, the Group will provide more professional e-Government solutions for different administrative authorities. With core business segments facing favourable macro policies and market conditions, together with growing research and development capability and competitiveness, the Group is confidence that it will experience continuous healthy growth and fruitful results.

About Sinosoft Technology Group Limited
Sinosoft Technology Group Limited is an advanced provider of application software products and solutions in the PRC. The Group principally develops and markets export tax software and related services, carbon management solutions and e-Government solutions. The Group is the only supplier of export tax software in Jiangsu province with over ten years of experience in developing tax related software. Also, the Group is the first mover in carbon management solutions, and a renowned player in the provision of e-Government solutions in the PRC. The Group's R&D standard is widely recognized with the accreditation of "Key Software Enterprise under the National Plan" and CMMI Level 5, which possessed the highest maturity level under the CMMI accreditation system regarding the standard of product planning, software development, business consultation, managing and maintenance procedure.

Topic: Press release summary Sectors: Daily Finance, IT Individual, Daily News
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